Authorized capital of closed-type joint stock company created to implement gas projects in Azerbaijan to be tripled

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Azerbaijan State Securities Committee said that “Canub Qaz Dehlizi” (Southern Gas Corridor) closed-type joint stock company (JSC) will triple its authorized capital up to $300 million.

According to the statement posted in press, increase in authorized capital of the JSC will be done through converting of the shares face value. In particular, the face value of shares will be increased from $1 to $3 million. The authorized capital is divided into 100 shares. At present authorized capital of Canub Gaz Dehlizi is equal $100 million.

“Canub Qaz Dehlizi” JSC was established on February 25, 2014 for efficient management of state assets in the Shah Deniz Phase 2 project, expansion of the Southern Caucasian gas pipeline and construction of TANAP and TAP gas pipelines. SOCAR’s share in the capital of JSC constitutes 49%, while state – 51%. Share of the state is funded through the Oil Fund of Azerbaijan on condition of return.